The growing cost of cybersecurity

NCFA Guest Post | Jan 28, 2018

One of the biggest concerns for big business in the current climate is cybersecurity. Billions of dollars in profit are lost every year as companies tackle cybercrime and human error on a scale that can often seem overwhelming. With malicious attacks outnumbering system glitches and human error, it is small wonder that businesses are racing to protect themselves. Considering that up to 40% of all data breaches happen in the business sector, it is unsurprising that companies that were late to react to the growing issues are now rushing to protect themselves in an increasingly online environment. In 2017 global cybercrime cost businesses over $300billion, so what do we need to protect against?

Human Error

With up to 24% of data breaches occurring due to human error, it’s clear that more needs to be spent on specialist training for those members of staff that have access to sensitive information. Training on cybercrimes and cybersecurity are becoming more and more vital as we see more incidents of low-level staff accidentally leaking client’s information or other online data.

Human error is easily dealt with as long as the company is committed to being security conscious, and phishing scams are less likely to work if your staff have been trained to recognize them. By learning to spot the most obvious ways of losing data, it is more likely that staff will be more security conscious.

A glitch in the machine

There isn’t much that can be done to stop the humble computer glitch that occurs. When it comes to logic errors in data transfer, accidental data dumps or application failures, the only things that the cyber-aware company can do is have a strong security system in place and a well-rehearsed incident response plan.

The cyber criminal

Crime is money, and protecting yourself against criminals is the best way to prevent serious damage to your business. The stronger your security systems are, and the more up to date your technologies, the more likely you are to prevent the cybercriminal from targeting you. The threat isn’t always so obviously financial, with serious breaches having an effect on a company’s reputation, which may result in lost clients. It becomes imperative then that a business takes cybercrime as seriously as it does every area of security, if not more so. As incidents of malicious cybercrime continue to rise, protecting your company, your staff and your customers becomes more and more vital. Having a computer forensics expert on hand will help to minimize the damage caused, and companies that have a plan in place to deal with malicious breaches of security save money.

By being aware of potential issues with cybersecurity, it is possible to reduce the likelihood of being adversely affected by the causes of it. Whether it be a bad line of code, a low-level member of staff with a lack of security awareness or being exposed to some malicious malware, the tech-savvy business will have a plan and the staff to implement it.

The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a national non-profit actively engaged with social and investment crowdfunding, alternative finance, fintech, peer-to-peer (P2P), initial coin offerings (ICO), and online investing stakeholders across the country. NCFA Canada provides education, research, industry stewardship, networking opportunities and services to thousands of community members and works closely with industry, government, academia and eco-system partners and affiliates to create a vibrant and innovative fintech and online financing industry in Canada. For more information, please visit: ncfacanada.org